Quick facts: Lake elsinore, CA

Quick Facts

115.2
Cost of Living
above US average
71,898
Population
30.35
Crime Rate per 1000
above US average
$89,788
Median Income
above US average
$234,500
Median House Price
above US average
$2569.29
Average Rent
above US average
12%
Poverty Rate
above US average
5.6%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $89,788.

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Income Needed to Buy

βœ“ Affordable
$74k/year
Based on $234,500 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($89,788) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$110k/year
Based on $2569.29/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $110k vs median $89,788
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lake elsinore, CA

Lake Elsinore is a vibrant city located in Riverside County, California, nestled between the Santa Ana Mountains and Lake Elsinore, which is one of the largest natural lakes in Southern California. Known for its stunning natural beauty and outdoor recreational opportunities, the city boasts numerous parks, hiking trails, and a variety of water activities on the lake. The area has a rich history, originally inhabited by native peoples and later developed in the late 19th century. Today, it offers a blend of suburban living with access to a range of amenities, including shopping, dining, and entertainment. Lake Elsinore is particularly famous for its annual events, such as the Lake Elsinore Storm baseball games and the annual Winterfest. The city is also known for its scenic views, especially from the Ortega Highway, which connects to nearby coastal areas. With a growing population, Lake Elsinore is appealing to families and individuals seeking a peaceful community with a strong sense of outdoor adventure. Its proximity to major cities like Los Angeles and San Diego makes it an attractive spot for commuters.

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